Stocks kept tumbling right up until the close Friday — with the Dow Jones Industrial Average plunging 769 points — as investors were shaken by Israel's attacks on Iran's nuclear sites. Two new issues slid hard on the stock market today.
The Dow ended the day at 42,197, down 1.8%. The 30-stock index sank below its 200-day moving average after hovering above it for the last week, and dropped under its 21-day exponential moving average.
Among the other major indexes the S&P 500's loss grew to 1.1%, pushing the benchmark index below the 6,000 level. The Nasdaq composite sank 1.3%.
The small-cap Russell 2000 Index sold off 1.9% for its third-straight loss. The Russell finished just above the 2,100 level, but remains well below its 200-day line and now is just above its 21-day line.
Volume was significantly lower on the Nasdaq exchange and higher on the New York Stock Exchange vs. Thursday. Decliners beat advancers by more than 4-to-1 on both exchanges.
The Iran-Israel conflict sent oil prices soaring, but they finished off the day's highs. The commodity rose 8.3% to around $73.65 a barrel. Meanwhile, the 10-year Treasury yield climbed to 4.41%.
Among exchange traded funds, the Invesco QQQ Trust gave up 1.3% and the SPDR S&P 500 ETF lost 1.1% on the stock market today. The Innovator IBD 50 ETF declined 1.7%.
In economic news, the University of Michigan's preliminary June reading on consumer sentiment rose to 60.5, easily topping economist predictions for 53.5. It also came in well ahead of May's 52.2 score.
3:53 p.m. ET
New Issues Fall Hard
Recent initial public offering eToro Group toppled 4.5% after's Thursday's 1.9% rebound. The stock was trading back near the 60 price level after flirting with 80 on Tuesday. Israel-based trading platform operator unexpectedly reported its first earnings report as a public company Tuesday.
Another new issue, Chime Financial, had a rough day and ceded nearly 6%. The drop follows Thursday's 37% gain on its first day of trading.
The fintech stock's initial offer price was $27 a share, and it began trading at 43. Shares are currently around 34.85 with more than 8.2 millions shares trading hands.
2:51 p.m. ET
Stock Market Today: CoreWeave Looks To Stop The Bleeding
Applied Digital stumbled 11% on news CoreWeave unloaded its entire stake in the company, according to a recent government filing. Applied Digital stock is coming off its 52-week high reached June 6. The data center infrastructure name has climbed around 49% so far this year and holds a 98 IBD Relative Strength Rating. Additionally, Applied Digital is operating at a loss.
IBD 50 name CoreWeave trimmed larger gains to 0.6% as it looks to end a three-day losing streak. The recent new issue is back above the 150 price level and on pace for five straight weeks of gains.
1:17 p.m. ET
Oracle Explodes To A New High
In stocks, Oracle surged another 7.2% in heavy trading after breaking out of a consolidation pattern with a 198.31 buy point Thursday. Shares are now extended from a 5% buy zone reaching to 208.23. The company topped fiscal fourth-quarter profit and sales estimates late Wednesday.
The database and cloud application stock reached a record high Friday and has climbed around 28% so far this year. Oracle stock was the biggest winner on the S&P 500 Friday.
Elsewhere, Barrick Mining forged ahead more than 2% and broke out of an early-stage cup-with-handle base with a 21.11 buy point. The gold mining stock is in the buy zone up to 22.17. Gold stocks rose in sympathy with the jump in gold prices.
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12:03 p.m. ET
New Coinbase Venture Hits Visa, Mastercard
Coinbase Global eased nearly 1% after reporting it plans to launch a new credit card named Coinbase One Card. The company is joining forces with Dow Jones component American Express. The Dow stock pulled back 2% on the stock market today.
Rival credit card operators sold off even harder. Another Dow Jones name, Visa, stumbled nearly 5% in heavy volume and was the biggest loser on the blue-chip index. Shares gave back gains from the buy zone of a consolidation pattern and fell below a 366.54 buy point. The stock also tested its 50-day moving average.
Mastercard slumped more than 4% and tested its 50-day line, but found support. It also gave back gains from a buy zone of a consolidation with a 582.23 entry.
10:54 a.m. ET
Airline, Travel Stocks Sell Off
Airline stocks felt heat as oil prices surged amid heightened tensions in the Middle East. Airspace was closed in some areas affecting travel routes.
United Airlines and American Airlines dropped more than 4%, and Delta Air Lines was down nearly 4%, trimming its loss.
Also getting hit were travel stocks. Booking Holdings retreated 2% and undercut its 21-day exponential moving average. Shares gave back a more than 5% gain from its 5,337.24 buy point of a consolidation pattern.
Expedia shed 2.7% and fell below its 200-day line.
In other news, RH soared 13% in heavy volume, following the company's surprise fiscal first-quarter profit.
The upscale furniture retailer missed sales expectations but showed accelerating growth of 12% from 4% average over the last four quarters. The company did note risks from tariffs and inflation and said it is the worst housing market in 50 years.
9:48 a.m. ET
Stock Market Today: Nvidia, Tesla Fall
Nvidia stock tumbled 1.4% Friday, threatening to erase Thursday's gain. Shares are just 5% off their all-time high.
Tesla stock skidded 0.4% in early morning action, on pace to add to Thursday's 2.2% decline. The electric-vehicle leader is pulling back to its long-term 200-day moving average.
9:09 a.m. ET
Defense, Oil Stocks Rally
Defense stocks shifted higher, joining oil stocks rallying at the head of the S&P 500 early Friday as oil prices surged following the Israel attacks on Iran.
RTX jumped 3.5%, while General Dynamics and Northrop Grumman advanced 3% and 3.8%, respectively.
Aerospace and defense stocks have been among the market leaders in the current stock market rally.
In oil, energy giant Exxon Mobil jumped more than 3% while Chevron added 2.5%. BP also recorded a 3% gain, as Shell added nearly 2%.
8:08 a.m. ET
Stock Market Today: Israel Attacks Iran
Israel launched a series of airstrikes vs. Iran overnight, targeting key nuclear facilities and military targets. Top Iranian military officials and nuclear scientists were likely killed in the initial attack, according to multiple reports.
Israeli Prime Minister Benjamin Netanyahu, in a televised address, said Operation Rising Lion "will continue for as many days as it takes to remove this threat."
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In response, Iran then launched over 100 drones at Israeli, with Israel saying it shot most of those down. The limited response may reflect Iranian disorganization after Israel's massive attacks.
President Donald Trump posted on Truth Social Friday morning, urging Iran to make a deal before there is nothing left.
Due out at 10. a.m. ET, the University of Michigan's consumer sentiment index is expected to rise to 53.5 in May vs. April's 52.2 reading. Also included in the consumer survey are year-ahead inflation expectations. In April, those held at 6.6%.
In stocks, Adobe fell nearly 4% Friday morning after the company's earnings and sales topped views.
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Dow Jones Leader Disney Breaks Out
Elsewhere, Dow Jones media giant Disney broke out past a 113.44 buy point in a cup with handle in recent sessions, MarketSurge chart analysis shows. Shares also are in a 5% buy range that goes up to 119.11, as they lost more than 1% in premarket trading Friday.
Tuesday's IBD Stock Of the Day was Dow Jones leader Amazon, which gave up a 214.84 cup-with-handle entry Wednesday. Amazon stock dropped nearly 2% in premarket trades Friday.
Finally, Shopify is below a 112.38 entry in a cup with handle following Thursday's losses. Also, Shopify stock dropped more than 2% in early action Friday.
The ongoing stock market uptrend provides a bullish setting for raising exposure, but investors still need to watch for volatility. Investors should buy stocks with a 21-day average true range, or ATR, of up to 8%. But they should be wary of being too concentrated in high-octane names.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Investors also can find potential breakouts on the "Near Pivot" list. Further, to find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
And follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.
